Starting a business is always a big financial risk, which is why a lot of people never realize their business dreams. They have the ideas and the passion, but they’re too afraid to take the plunge and risk their finances. If you quit your job and put all of your money into a business idea and it doesn’t work out, you’ll be left in a tough position.
However, there is a way to reduce that risk. An increasing number of people are starting businesses while also working full-time. Having an income means that you are able to cover your living expenses without relying solely on the business, and you can earn a bit of money to invest in your new startup too. This really takes the pressure off financially and gives you more time to build the business up. On the other hand, starting a business while working is a huge challenge. Running a business is a full-time job in itself, so juggling it with work is going to be hard. If you’re not prepared to put the work in, this option isn’t right for you. But if you think you can handle it, these tips will help you juggle things a bit better.
Pick Your Moment
There is no perfect time to do this because there will always be other responsibilities to deal with and other issues you have to tackle at the same time. But you should think carefully about your lifestyle and pick the right moment to start your business. If you have just had a new baby or you are trying to save for a house, for example, throwing a business into the mix isn’t a good idea.
Even though there will always be challenges, you should wait until you are in a fairly stable financial position and you don’t have anything that takes up a lot of your time or money.
Choose Something You Are Passionate About
When you’re working full-time, you have to spend evenings and weekends on the business. That means you have less time for engaging with your hobbies or socializing with friends. In essence, the business becomes your leisure time, so it’s crucial that you choose something you are passionate about. If you love the work, you won’t mind spending your free time doing it. But if you are not passionate about the business, you will find it hard to motivate yourself and you will never get the business off the ground. It’s also important that you pick something fairly simple because you don’t have the time to launch a complex business that requires a lot of resources and constant hands-on management.
Outsource When Possible
Trying to run every aspect of a business on your own is difficult at the best of times, but it’s even harder when you are trying to fit it all in around your full-time job. That’s why it’s crucial to make use of outsourcing wherever you can.
When it comes to marketing your business, you should consider using a digital marketing agency to manage things for you. Creating a website, developing a content marketing strategy, and managing social media pages is a full-time job in itself. But if you don’t get your marketing strategy right, you will never get the business off the ground, so let a professional agency handle it for you. Although it is an expense, they will be able to save you money on your marketing budget.
Being uncountable all day is a big problem when you are running a business, but you can’t exactly take business calls at work. You can solve this problem if you make use of virtual assistants to take calls, answer emails and manage your schedule. The admin involved with running a business is one of the most time-consuming elements, so having somebody else to do it for you makes life a lot easier.
Consider A Business Partner
Having a business partner working with you on the startup takes the pressure off because you can share the workload. It’s also a good opportunity to bring somebody in with skills that you don’t have yourself. Picking the right business partner can really help get the business up and running, but making the wrong choice can cause a lot more problems than it solves.
If you choose a business partner that you are constantly at loggerheads with, the whole business grinds to a halt. There will also be a lot of resentment if one person feels that they’re putting all of the work in and the other person isn’t doing anything. When you are picking a business partner, make sure that you have plenty of long discussions about what your aims are with the business and how you like to work. Make sure that you check out their financial background too, so you can make sure they are reliable.
Keep Your Business Separate From Work
Even though you are ultimately hoping to quit your job and go full-time with the business, you still need to maintain your performance at the moment. One of the biggest mistakes you can make is trying to manage business affairs while you are at work. If you bring your business phone with you and you keep taking calls all day long, your boss isn’t going to be too happy. If your business starts distracting from work, you need to think about how to balance things better.
Equally, you can’t get into the habit of taking your work home with you or answering emails in the evenings because that distracts from your business. You’ll never get anything done and the business won’t go anywhere, so it’s vital that you keep things separate.
Running a business while in full-time employment is always going to be a huge challenge and it means a lot of hard work and a lot of sacrifices. If you are passionate about the business and you are willing to put the work in, you can make a success of it. But if you have any doubts, you should think twice about your decision.
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